FIRB supports Burns Philp
company Burns, Philp & Co for Goodman Fielder is far from over
with the company saying on Wednesday that it had received approval
from the Foreign Investment Review Board to proceed with an
on-market share purchase of 19.9 per cent of Australia's largest
food company.
It would appear that the bid from Australian ingredients and yeast company Burns, Philp & Co for Goodman Fielder is far from over with the company saying on Wednesday that it had received approval from the Foreign Investment Review Board (FIRB) to proceed with an on-market share purchase of 19.9 per cent of Australia's largest food company.
Burns Philp said that the FIRB was still considering its $2.2 billion (€2.1bn) offer for 100 per cent of Goodman Fielder.
Burns Philp added that it would not exercise any rights, including voting rights, above a 14.99 per cent interest in Goodman Fielder until such time as it gained complete control of the company or FIRB agreement for this condition to be waived.
The ingredients company - facing strong opposition from the Goodman Fielder board - has also extended the deadline for its hostile bid as it awaited intervention from the Takeovers Panel.
